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Catastrophic Year for Property Damage and Business Interruption Claims

TOLEDO, Ohio - August 24, 2011 - It has been a catastrophic year for property damage and business interruption claims as a result of the CAT activity around the globe.  In addition to earlier events this year from Japan to the US Midwestern storms, we are now experiencing additional CAT activity within the US.

Hurricane Irene is growing in strength as we speak and it appears it will make landfall along the Eastern seaboard from the Carolinas to New England.

Furthermore, the US has experienced two relatively strong earthquakes.  The first was a 5.5 Mw in Colorado, followed by a 5.9 Mw in Virginia (Appalachian region).  Both of these events are not unusual and they have happened historically in these areas. The authorities’ immediate reaction to the Virginia earthquake has been the shutdown of two nuclear reactors operating near the affected areas to ensure the continued safety of local residents and continued safe operation.

At this point, it is still too early to asses the direct impact to the property market from the earthquake activity and Hurricane Irene.  Should there be sustained damages from any of this recent and pending activity, losses will certainly contribute to the eroded and/or exhausted CAT aggregate of the property markets. 

Hylant will continue to monitor the after-effects of the earthquakes and the current effects of Irene and we'll keep you updated on this activity. Please contact your Hylant representative if you have questions or would like a copy of our Property Claims Checklist.

Kevin O’Donnell
Vice President
Property & Marine Risk Practice Leader